Prices for used Obos houses in Oslo fell 0.1 percent from August to September, according to a news release on Friday.
– Thus, the flat price trend in Oslo continues, says Cecil Monswald, chief economist at Opos.
Nationally, prices fell 1.1 percent in September.
In the last twelve months, the price of Oslo has risen by 7.8 percent. So far this year, it has increased by 6.7 percent, the press release said.
Even more functionality
The home manufacturer says that in September this year, 12 percent more OPOS homes were sold than the September average over the past five years.
Demand for OBOS homes was high in September. The number of homes sold was significantly higher than in years prior to the epidemic, but slightly lower than the record level since September last year.
Obos figures cover 25 per cent of the second-largest market in Oslo. The price per square meter in September was NOK 74,140 in the Oslo region and NOK 64,459 nationally.
On Tuesday, Indum Norge’s nationwide price figures will be available.
Obos hopes that the increase in interest rates from Norges Bank last week will further suppress the housing market in the future. Interest rates will continue to rise in December.
– So we hope that prices may fall somewhat in the fall. This is a normal seasonal pattern. “We expect moderate price growth next year,” Mansvolt said.
But the economist points to wage growth and lower unemployment, which could help the home market cope with a major price drop.
Many people save a lot during epidemics and can withstand rising interest rates and electricity prices. Good performance and high demand for housing indicate that it is heading towards a smooth landing. The supply of second-hand homes is still low on a national basis. Overall, the housing market seems to be in good balance, she says.
I think the house price party is over
Many other chains, including Dagens NaringSlive, also reported a fall in prices in September.
The chain has ten percent fewer sales in September this year compared to last year, but has increased by nine percent compared to the same month in 2019, says Greth Meyer, CEO of PrivatMegler.
– There are many tasks on the way, so I think we will get a good used module in Oslo. In new buildings, there are still a lot of litters to choose from, says the mayor.
Meyer says pricing is important because the market is different than its heat.
Many who wanted to move houses last year did so because of lower interest rates, but I think the trend is for Norwegians to change houses more often, the mayor says.
Based on Privatmegleren’s turnover, the mayor believes that prices in Oslo and September seem to have fallen by one per cent.
I expect prices to fall further until January. Then I think we got back to normal, the mayor says.
Meyer added that the record will continue to be seen after Privatmechleren and Industrial Corona in general.
Kent Victor Cyverstadt, CEO of Eiendomsmegler 1, Oslo Agarshas, believes that this time the house price party in Oslo is definitely over.
– With the exception of August, where there has been a slight rise, house prices have been declining every month since February, and we expect the decline to be one per cent in September, says Cyverstad.
He says the chain’s broker now claims to have fewer views.
– Customers talk a lot about uncertainty regarding interest rates and the level at which the track ends. Many people choose to sit on the “fence” to see what is happening. We can quickly get into a situation where many people think to sell before they buy, and this will have a huge impact on market sizes and prices in the winter, says Cyverstad.
He does not believe in a sudden decline in prices, but a slightly downward trend in winter.
Fear the effect of low supply in Oslo
Derje Puras, CEO of DNB Eiendom, said the chain was only in September last year more than this year.
– The number of unsold homes also appears to be declining. The reason is that, over time, some homes have been put up for sale, and a relatively large amount has been sold, Bros says.
Unlike other chains, Pros sees a slight September increase in its numbers.
– In our portfolio, there is a price increase of less than one percent nationally and less than half a percent in Oslo, says Pros.
Bros. worries that he believes low-cost housing will be provided in Oslo, and points out that low supply will again lead to higher prices.
On Tuesday, October 5, Indum Norge will present nationwide secondary housing figures for September.
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